Carbon Pulse

EUA prices were little changed at midday on Wednesday despite early volatility, as traders described a market lacking direction and liquidity even after lawmakers have completed their work on ETS reforms and the REPowerEU initiative, while energy prices gained amid forecasts for lower temperatures. 

The Science Based Targets Network (SBTN) has published the first draft land targets, intended to help corporations align their commitments and actions with the necessary speed and scale to halt and reverse global nature loss.

Ping An, one of the largest integrated financial groups in China, has launched its first ocean carbon sink index insurance policy in an initiative that will also help to protect marine ecological systems, the company has announced.

Puzzling government data on China's 2022 emissions and coal consumption could raise concerns as to whether the country is falling behind its near-term climate goals, according to an analysis published Wednesday.

Australia’s Safeguard Mechanism Credit (SMCs) scheme may not work as intended with the current approach to setting baselines as it risks facilities having higher emissions caps than intended by the government, a corporate watchdog has warned.

A daily summary of our news plus bite-sized updates from around the world.

EU carbon prices will nearly double to €150 over the next 12 months and continue rising, an analyst has forecast, bucking the trend of bearish expert views to predict that near-term supply pressures won’t be as strong as anticipated.

Three scientists with expertise in tropical forest conservation spoke out at a webinar on Tuesday against last month’s media reports charging 94% of Verra’s REDD+ credits with no benefit to the climate, and noting that each project instead has complexities that make generalised criticism “irresponsible”.

A new report published on Wednesday found that 40% of the companies and financial institutions most at risk of driving the loss of tropical forests have not yet set a single deforestation policy or target.

Offset standard developer and registry Verra announced on Tuesday a planned third quarter release of its new consolidated methodology for avoided deforestation, delaying the previously promised Q2 REDD methodology revamp after recent market focus on over-crediting claims in the sector.

Power generators boosted their holdings of RGGI Allowances (RGAs) in between the December auction and year-end in the lead up to the power sector carbon market’s interim compliance deadline, according to a report published Tuesday.

The February WCI cap-and-trade auction on Wednesday is expected to settle in a relatively narrow range compared to current secondary market levels, as market participants see a lack of regulatory news and poor speculative conditions running up against smaller sale volumes and the potential start of annual deficits in California.

The Manager, North American Environmental Markets position will support the marketing and development of ICE’s North American environmental trading operations.

*PREMIUM LISTING - As a Consultant at Carbon Limits, you’re going to use your skills to make a real difference, working on critical topics for the future such as carbon crediting mechanisms, results-based climate finance, carbon pricing instruments, GHG mitigation analysis, mitigation project development and climate policy analysis.

*PREMIUM LISTING - As a result of the quality of our work and our growing reputation, we are expanding fast and are therefore looking for team members with over 5 years of experience as a consultant on one or more topics where the company currently excels.

The UK Forestry Commission is offering farmers, landowners, and businesses a £30/tonne reserve price for carbon credits generated under its Woodland Carbon Guarantee scheme.

The European Commission on Tuesday presented a plan to phase out emissions from heavy-duty vehicles sold in the EU from 2030 onwards, piling pressure on the sector to reduce its carbon footprint.

Xpansiv's environmental markets trading platform CBL announced plans on Tuesday to offer carbon credits on its spot exchange from a Latin American registry that has repeatedly been denied eligibility for the UN aviation offsetting programme CORSIA.

The Kenyan government is hoping to set out a new framework for its carbon market by the end of the month, a move that could include a percentage of carbon credit cash from voluntary projects going to national and district government budgets.

The US Department of State is lending financial support to an effort that will help developing countries’ governments improve their national climate strategies under the Paris Agreement’s market-based Article 6 and separate CORSIA mechanism for international aviation through carbon trading.